To: U.S. Citi employees
From: Paul McKinnon, Head of Human Resources
Date: December 1, 2008
Subject: Amendment to the U.S. Separation Pay Plan
As you know, we've continued to review our policies and practices to
ensure that they support our overall business objectives and remain
competitive with industry standards. As a result, a decision has been
made to amend the Citigroup Separation Pay Plan (SPP) for U.S.
Effective January 15, 2009, the SPP will be amended to eliminate the
supplemental severance payment that provides additional weeks of base
pay to employees who had 10 or more years of service.
The basic severance benefit available to eligible employees - 2 weeks of base pay for each full 12 months of service to a maximum of 52 weeks of base
pay - remains unchanged. In addition, the minimum severance benefits and
COBRA subsidy currently provided by the SPP will continue to be
This amendment will apply to eligible employees who receive written
notice of termination of employment on or after January 15, 2009. As
always, Citi reserves the right to amend its plans at any time.
If you have any questions, please contact your Human Resources